This reminds me of something I recently read (can't recall what) where I learned that much of Argentina's pre WWII policy was based on supporting their land owning agricultural class. This only grew during WWII since the world needed their food and raw goods. So yeah, they imported many finished products, and now this is in part a significant cause of their debt since many other corners of the world have significantly increased the economic efficiency of their agricultural industries. But you're right, it was the decisions of many of their ruling class who still are those in power there today.

Of course, this is all an over oversimplification of their problems.